What income are we going to need?

[Ausvisitor]

So we are getting close to a hopeful 190 grant for NSW.

What sort of income would two adults and a teenage/uni age child need to have a decent lifestyle in Sydney?

[Marisawright]

That's an almost impossible question to answer, because so much depends on what kind of lifestyle you lead.

Moving to Sydney is a bit like moving to London.  You're going to earn much the same salary as the rest of the country, but your housing expenses (either renting or buying) will be up to three times as expensive as anywhere else for a similar standard of housing in a good suburb.    

As in London, the average resident lives out in the distant suburbs with an hour's commute.  Unlike London, those suburbs aren't necessarily little communities in their own right -  many of them are faceless dormitory suburbs with little in the way of cultural activities.  Many don't even have a pub or club.  

We've seen a few members heading home because they've found it impossible to have a good lifestyle in Sydney - but like I said, it depends on what your expectations are and whether your budget can accommodate that.  With a uni age child, I'd be looking at Newcastle or Armadale, both of which have good universities and affordable housing - but it depends what kind of work you do. 

 

 

[rammygirl]

About two and a half times your current income in dollars. So if you earn £50k in UK about $150k in Aus. 

[Ausvisitor]

7 hours ago, rammygirl said:

About two and a half times your current income in dollars. So if you earn £50k in UK about $150k in Aus. 

Thanks, that gives a ballpark to aim at

[Ausvisitor]

9 hours ago, Marisawright said:

That's an almost impossible question to answer, because so much depends on what kind of lifestyle you lead.

Moving to Sydney is a bit like moving to London.  You're going to earn much the same salary as the rest of the country, but your housing expenses (either renting or buying) will be up to three times as expensive as anywhere else for a similar standard of housing in a good suburb.    

As in London, the average resident lives out in the distant suburbs with an hour's commute.  Unlike London, those suburbs aren't necessarily little communities in their own right -  many of them are faceless dormitory suburbs with little in the way of cultural activities.  Many don't even have a pub or club.  

We've seen a few members heading home because they've found it impossible to have a good lifestyle in Sydney - but like I said, it depends on what your expectations are and whether your budget can accommodate that.  With a uni age child, I'd be looking at Newcastle or Armadale, both of which have good universities and affordable housing - but it depends what kind of work you do. 

 

 

I should have been more precise

Our teen is emigrating with us but will be commuting back to the UK for the next three years for University and then settling here once studies completed.

I work in consulting so proximity to good transport is more important than closeness to a single office location. I can see me being in Sydney CBD a lot but also all with a decent amount of travel to other cities, states and countries as work meetings dictate

[Marisawright]

1 hour ago, Ausvisitor said:

Thanks, that gives a ballpark to aim at

But that is assuming you’re living in an area of the UK where housing prices are similar to Sydney

[Ausvisitor]

5 minutes ago, Marisawright said:

But that is assuming you’re living in an area of the UK where housing prices are similar to Sydney

Well the own the UK one outright so the concept of paying monthly to live somewhere is quite alien. It's been 5 years of pure joy ...

We will end up buying out there once we find the right location but will rent in the meantime.

Hypothetical discussions with friends and colleagues who do my job out there already suggest , $190k a year is about the ballpark for my job. This seems plenty and then I go and look at rental websites and see that unless I want to live an hour out of town it is barely adequate

[Marisawright]

10 hours ago, Ausvisitor said:

Well the own the UK one outright so the concept of paying monthly to live somewhere is quite alien. It's been 5 years of pure joy ...

We will end up buying out there once we find the right location but will rent in the meantime.

Hypothetical discussions with friends and colleagues who do my job out there already suggest , $190k a year is about the ballpark for my job. This seems plenty and then I go and look at rental websites and see that unless I want to live an hour out of town it is barely adequate

That's what I mean.   

Based on my time living in the UK a couple of years ago, I found my total living expenses (except housing) in both countries much the same. There are swings and roundabouts, of course, but it all balances out.   So if you have your house paid off, it's easy - just look at your current household expenditure, convert it to dollars, and you have your figure.   Then you have to calculate housing, and you need to look at two figures.

The first is, what will it cost to rent a place?  Be aware that Australian estate agents shamelessly photoshop pictures, so  you have to assume the property isn't as good as it looks. Realestate.com.au has a section which shows the median rental price in different suburbs, so check that out and assume you'll need to pay somewhat above the median.  

Then look at how much you can sell your UK house for, and check what you could buy for that money in Sydney.  You need to consider it now, because you don't want to get settled somewhere and then find you can't possibly afford to buy.